Last checked at 1 Jul 2009 10:07
01 July 2009 Kryso Resources plc (`Kryso' or `the Company')
New Resources Estimated for Pakrut Ore Zones 5, 6, 7, 14 and 16, Increasing the
Total
JORC Code-Compliant Resources of the Pakrut Gold Project to 1,984,272oz Au
- New JORC Code-compliant inferred resources of 245,243oz Au have been estimated for Ore Zones 5, 6, 7, 14 and 16 at Kryso's Pakrut gold project. Total JORC Code-compliant resources at Pakrut now stand at 1,984,272oz Au
- Some 853 samples from drilling at Pakrut are being sent to the SGS Lakefield assay laboratory in South Africa for analysis. The samples are primarily from drilling of the lower levels of Ore Zone 1
- When these assay results become available, an updated overall estimate of the Pakrut project's JORC Code-compliant resources will be completed. This is planned to take place within six weeks and is expected to result in a substantial further increase in the total JORC Code-compliant resources of the project
- Drilling is continuing at Pakrut, and is currently focusing on the lower levels of Ore Zone 1 and on Ore Zones 5 and 6
Kryso Resources plc, the mineral exploration and development company with gold and nickel-copper projects in Tajikistan, is pleased to announce that new JORC Code-compliant inferred resources of 245,243oz Au, assuming a cut-off grade of 0.5g/t, have been estimated for Ore Zones 5, 6, 7, 14 and 16 at its Pakrut gold project.
Total New JORC Code-Compliant Inferred Resources - Pakrut Ore Zones 5, 6, 7, 14 and 16
Cut-off (g/t) Tonnes (t) Grade (g/t) Oz Au
0.5 5,015,285 1.52 245,2431.0 4,150,439 1.68 223,7433.0 254,511 4.79 39,2245.0 37,219 13.67 16,357
Note: The figures above are based mainly on Soviet era data. This is the first time that the areas of Ore Zones 5, 6, 7, 14 and 16 within which these resources have been estimated have been modelled using Western techniques. Ore Zones 14 and 16 are located at Eastern Pakrut, which is a satellite of the main Pakrut deposit.
Some 853 samples from drilling at Pakrut are being sent to the SGS Lakefield assay laboratory in South Africa for analysis. These samples are primarily from drilling of the lower levels of Ore Zone 1. Once the assay results are received an updated overall estimate of the JORC Code-compliant resources of the Pakrut project will be completed. This is planned to take place within six weeks, and is expected to result in a substantial further increase in the project's total JORC Code-compliant resources.
Drilling at Pakrut is continuing, and is currently focusing on the lower levels of Ore Zone 1 (which is one of the main zones of the Pakrut deposit) and on Ore Zones 5 and 6. The Company has three diamond drill rigs and one RC (reverse circulation) drill rig at site.
Trevor Davenport, Non-Executive Chairman and acting Managing Director of Kryso Resources plc, comments:
"Following on from the news last month that mineralization from the virtually unexplored Ore Zone 6 was intersected over approximately 30m by drilling at Pakrut, these new JORC Code-compliant resources from Ore Zones 5, 6, 7, 14 and 16 show that the Pakrut deposit still has much to give in terms of additional resources.
Drilling is continuing at Pakrut, and Kryso is highly optimistic with regard to the updated overall estimate of the Pakrut project's JORC Code-compliant resources that is planned to be completed within the next six weeks."
About the Pakrut Gold Project
The total JORC Code-compliant resources of the Pakrut project are estimated to contain a total of 1,984,272oz Au.
The Pakrut gold project's total JORC Code-compliant resources comprise resources of 21,383,902t estimated across Ore Zones 1, 2, 3 and 7 at an average grade of 2.53g/t for 1,739,029oz Au, assuming a cut-off grade of 0.5g/t; and resources of 5,015,285t estimated across Ore Zones 5, 6, 7, 14 and 16 at an average grade of 1.52g/t for 245,243oz Au, assuming a cut-off grade of 0.5g/t.
Total JORC Code-compliant resources of 13,412,109t at an average grade of 2.71g /t for 1,167,789oz Au, assuming a cut off grade of 0.5g/t, fall into the JORC Measured and Indicated categories.
The total resources of the Pakrut project under the Russian system stand at 26,211,495t at an average grade of 2.44g/t for 2,055,047oz Au, including total reserves of 14,910,748t at an average grade of 2.65g/t for 1,257,454oz Au.
A bankable feasibility study for the Pakrut project based on a mining operation producing in excess of 100,000oz Au per annum is currently in progress, and is targeted for completion before the end of 2009. An internal pre-feasibility study was completed in early 2008, with highly positive results. Estimated cash costs under the internal pre-feasibility study were US$291/oz Au.
For further information please contact:
Dr. Trevor Davenport/Craig Brown, Kryso Resources plc
Tel: 020 7371 0600
Roxane Marffy, Ruegg & Co Ltd.
Tel: 020 7584 3663
Christian Dennis, Orbis Equity Partners Ltd.
Tel: 0203 137 1902
Jason Bahnsen, Fox-Davies Capital Ltd.
Tel: 020 7936 5200
All geological results have been approved for release by Dr. Trevor Davenport B.Sc, M.Sc, Ph.D, MIMM, C.Eng, Non-Executive Chairman and acting Managing Director of Kryso Resources plc. Dr. Davenport has more than 35 years experience in the mining industry and has consented to the inclusion of the material in the form and context in which it appears.
GlossaryAu The chemical symbol for gold.Cut-off grade The grade used to separate ore and waste such that only material classified as ore will be treated in order to recover the economic metal or mineral of interest.
Diamond drilling Drilling using a water cooled rotating hollow diamond tipped
bit, cutting a core through the rock which can be brought to the surface for analysis.Bankable feasibility study A study of the economic viability of the mining and production of base or precious metals or other minerals in such form and containing such detail as is customarily required by a bank or other financial institution engaged in mining project finance to enable it to determine whether to finance the development of a commercial mining operation.Grade g/t grams per tonne.
Indicated Resource A category of resource under the JORC Code, of higher
confidence than an Inferred Resource.
Inferred Resource A category of resource under the JORC Code.
JORC Code The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, as published by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia.m metre.
Measured Resource A category of resource under the JORC Code, of higher
confidence than an Indicated Resource.oz troy ounce.Resource An estimated tonnage and grade of mineralisation in the ground.RC (reverse circulation) Percussion drilling using an air cooled bit, cutting the rock into chips which are flushed to the surface by air pressure through a double walled pipe.Russian system The Russian Reserves and Resources Classification System, as approved by the Russian State Committee on Reserves and Resources (GKZ) in 1965 and amended in 1981 and 2008.t metric tonne.
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